Southern California, where new homes are rare and expensive

The Los Angeles Times reports that home prices in Southern California have soared in recent months, with the median for the six-county region peaking at $538,000 in June.

In Orange County alone, the median new home price has topped $800,000. A surge in higher-end projects has pushed new home prices above their pre-recession peaks, even as prices for existing homes remain one-fifth below their bubble-era highs. The scarcity of projects aimed at the middle of the market makes Southern California among the toughest housing markets in the country for middle-income families.